"Whether you are
buying your first home or moving up to your next home we can
help you with everything from A to Z."

FAQ'S

1. Where do I start if I want to buy a house?

Can I make an appointment for a free consultation with a Superior Homes Realtor.
Yes, we will walk you through the entire process. We will show you how we can locate the best houses that meet your needs. We will show you how important home inspections are, and how you can get a warranty on the home you purchase. And most importantly we'll help you secure the best loan program for you. This meeting is strictly confidential and at no cost to you.

2. Should I get pre-approved by a bank first before I start looking at homes?

Knowing what the bank will
approve you for is an important first step. However with so many banks, savings & loans and credit unions available it's difficult to know who has the best interest rate & program for you. Talk to a
Superior Homes Realtor first. We can discuss your financial situation confidentially and direct you to the lender & loan that is best for you for free. Why get approved through one lender and then find out later that you could have secured a better rate or program through a different lender.

3. How much money do I need for a down payment?

In some cases no money is needed for a down payment. Every $1000.00 down saves you approximately $6.50 a month on your house payment. Also it depends upon what house you buy and where you want your house payment. A
Superior Homes Realtor can help you determine what kind of down payment (if any) is in your best interest.

4. Why should I work with a Realtor?

Working with a realtor will save you time and most importantly money! It's our job to make sure the home you purchase is a good investment. Purchasing a home is usually the biggest financial investment of your lifetime. Why wouldn't you want an expert to look out for your best interests?

5. Should I get a 30 year or 15 year loan?

This will depend upon the house you want & the payment you want. Obviously the less interest paid the better. However if you get a 30-year loan with no prepayment penalty you can turn a 30-year loan into a 20-year loan with just one extra payment a year. This is a question that your Superior Homes agent will thoroughly review with you to determine what is in your best interest. And don't forget your interest paid on your home is tax deductible.

6. How much does it cost to use a Realtor?

This depends on the company & realtor that you use. At Superior Homes Realty there is no cost, we accept whatever the seller offers as compensation. We will not make you sign a contract that obligates you to pay a fee whether you use our services or not. Be careful of what you sign when you meet a realtor. At Superior Homes Realty we will not ask you to sign a buyer broker contract.

7. How much can I afford in a house payment?

This will depend upon your gross income and your monthly debt obligations. In addition it will depend upon what financing you choose. A Superior Homes Realtorwill ask you what house payment your comfortable with and show you what you need to do (if anything) to get a bank to approve that amount for you. A good rule of thumb is 25% of your gross monthly income is typically what the bank will approve you for monthly. Also you can use our website
mortgage calculator to help you.

If I sell my current home do I have to reinvest all my proceeds from the sale of my home into the new one to avoid paying any additional taxes?

As long as you have lived in the home as your primary residence, you should not have to pay any taxes on the proceeds you received. A Superior Homes Realtor can help you determine what is best for you and review all your options before you obligate yourself to something that isn't in your best interests. An Accountant can advise you the best about your tax situation.

8. If I find a house I want to buy, how do I make sure I don't pay too much?

A Superior Homes Realtor working for you will review auditor information and current neighborhood sales in that area with you to determine what price is fair or too much. We will help you make the right investment decision for you.

9. Should I have a home inspection on the house I purchase? And who pays for it?

Absolutely, you need to know what you're buying. A good home inspector will uncover most hidden defects or problems that aren't readily apparent when just simply looking at the home. In addition a good inspector will review maintenance tips to ensure you maintain your home in good condition. A Superior Homes Realtor will show you how to secure the home you want, but make sure you get an inspection first before you're obligated to buy the home you want. In most cases the buyer pays for their home inspection which could cost anywhere from $175.00 to $350.00 depending on the inspector you choose.

10. If I buy a house and use FHA or VA financing do they inspect the home for me?

It's a misunderstanding about this type of financing. Even though FHA or VA could require repairs; they do not inspect the home. The FHA/VA appraiser is there only to determine the value of the home. Always have a home inspection to make sure you know about the house you're buying.

11. What does a buyer broker or buyers' agent do?

Their job is to look out for your best interests! A Superior Homes Realtor working for you the buyer will represent your best interests and show you how to obtain a home at the least possible price. In addition all information shared with your Superior Homes Realtor remains strictly confidential. We work for you. For more information go to our Buyer Representation section on our web site.

12. Do I need to have perfect credit to buy a house?

The answer is no, I don't believe a perfect credit report exists. What a lender is looking for is do you handle your debt obligations responsibly. Typically one or two late payments or a collection won't stop you from owning your own home. A Superior Homes Realtor can review your credit report with you and determine if you're ready to move forward or if there is something that needs to be cleared up first.

13. How do I get a copy of my credit report?

A Superior Homes Realtor can obtain your credit report with your permission at no cost to you. Most importantly we will review it with you to make sure you have a clear understanding of what is on your credit report.

A lender will want to verify two years of employment! If you've had a recent job change, you're not on a probation period & if you stayed in the same profession you can buy a home. Your Superior Homes Realtor can show you how your employment will be verified by your lender. In most cases, one or two years of steady employment is sufficient.

15. I just graduated from college and just started a job for what I was in school for. Do I have to wait a year before I qualify to buy a home?

No, A Superior Homes Realtor will direct you to lenders that will count your school time as employment time. So even if you've been on the job just a few months we'll show you how to get your loan approved.

16. Can I buy a house if I've had a bankruptcy or collections?

If you filed bankruptcy and it's been two years since the date of discharge and you do not have any new derogatory credit you can get approved on a home loan. If you filed Chapter 13 you might be able to purchase a home within one year from the date of discharge. Collections are different, in most cases they must be paid. However, some lenders will overlook one or two collections. Your Superior Homes Realtor can help you determine what you need to do in order to get your loan approved.

17. How do I find the best interest rate and loan program for myself?

A Superior Homes Realtor is knowledgeable and current on the programs and interest rates that are available. We can direct you to the interest rate and lender that best suits your needs.

18. Do I have to talk to several different Real Estate companies in order to make sure everything on the market is available to me?

No, a Superior Homes Realtorhas access to every single home on the market! In addition we have information on all the builders, HUD Homes, foreclosures, bank owned and investment properties.

19. If I'm a first time homebuyer are there any programs available to help me afford a home?

Yes, your Superior Homes Realtor will show you what first time buyer programs are available and which ones you qualify for. Typically throughout the year there is always lower interests rates or down payment assistance available to first time home buyers.

20. How quickly can I get into a home?

That depends on you! Your Superior Homes Realtor can show you how to speed up or slow down the process to make sure that your time restraints are met.

21. Why do I want to buy a home?

History has proven over the years that owning a home helps secure financial stability. It provides a home for your family at the same time it is the most important financial investment for your family. In most cases it can help you save thousands of dollars on your federal taxes. Let a Superior Homes Realtor show you how.

22. Should I wait to buy a house until I have a large down payment?

No, some lenders don't even require a down payment. A small investment can help you buy a home and still have a payment that is comfortable for your family.

23. If I build a home or buy a brand new home do I need a realtor?

Absolutely, keep in mind the builder you speak to represents the builder and their interests. Most all of the builders will cooperate with realtors and the home is the same price whether you use a realtor or not. A Superior Homes Realtor will represent your interests every step of the building process and look out for you. Use the advice of an expert to make sure your home is built to the highest standards.

24. If I see a house that is offered by the owner can a realtor help me?

Yes, A Superior Homes Realtor can help you with an owner selling their house themselves. Actually having your realtor involved will ensure your concerns are being addressed and ensure a smooth process.

25. What if I have no credit established, can I buy a house?

Yes, your Superior Homes Realtor can show you how to provide alternative credit! The first time you borrow money can be for your first home.

26. If I'm in a lease now, when should I start looking?

That will depend if you're buying an existing home or if you're going to have a house built. Your Superior Homes Realtor can advise you when you should start actively looking.

27. What is a buyer broker agreement?

This is a contract you have with your realtor. This contract obligates you to that realtor and if you purchase a home with or without them you still owe them a commission fee. At Superior Homes Realty let us show you a better way to work with a realtor, without a contract. Don't sign anything until you have spoken to a Superior Homes Realtor.

28. If I'm sixty years old or older, can I get a 30-year loan?

Yes, there is no age discrimination. It doesn't matter how old you are to get a 30-year loan. However, you must be at least 18 years old.

29. Can I borrow money for a down payment?

Yes, as long as it is a secured loan like against a car you own. You cannot borrow a down payment on a credit card. Some lenders do allow gifts! Talk to your Superior Homes Realtor to determine if a down payment is even necessary!

30. How do I find out about all the houses in the area that I'm looking in?

Your Superior Homes Realtor has access to all the homes on the market and will search to find the best ones for
you.
Just pick an agent from here.